Charles and James Dolan boosted their bid for Cablevision Systems Corp. to $8.9 billion in what they called their "best and final offer" to take the cable giant private.
The new $30 a share offer is 11% higher than the $27 a share the Dolans offered Oct. 8, and is a 25.4% premium to the Bethpage, N.Y., company's closing price on Oct. 6. The new offer implies an enterprise value of $20.1 billion. However, it's only a 1.4% premium to Thursday's close of $29.60. In recent premarket trading, Cablevision shares changed hands at $28.90.